DealHub (Option Computers Ltd) announced the launch of FX Distribution Hub, a new service which allows customers to price into any FX market destination via a single interface. A number of Banks, including a top three market maker, are already using the service to price into trading venues, taking advantage of connectivity which includes Reuters Matching, EBS, FXall, 360T, Currenex, Bloomberg, CFETS and FX Connect.
Once integrated with a bank’s core pricing platform, often as simple as connecting to an existing API, FX Distribution Hub can route pricing to any ECN, multi-bank portal, single dealer platform, aggregator or customer FIX trading API. Connectivity is via DealHub’s tried and tested, ultra-low latency, ‘plug and play’ adaptors that understand the nuances of every venue, shaping the bank’s pricing to optimise price delivery and hit ratios. With built-in latency monitoring and trade flow analytics unique to DealHub, FX Distribution Hub customers have full visibility of business and infrastructure performance across all venues.
“With 10 new FX venues in the last year and a raft of changes to existing ECNs, the cost and complexity of getting your pricing into the market has never been greater” said Peter Kriskinans, CEO, Dealhub “We have years of experience in tuning and perfecting these connections, helping customers distribute low latency pricing. With a huge surge in demand in recent months, we’ve launched this new service, which wraps our tried and tested adaptors with a new technical, commercial and support offering, to create a true ‘connectivity as a service’ model. This dramatically cuts time to market, support and development costs for multi-venue price distribution”
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With more than one hundred ready-to-connect feed handlers covering every FX market venue and all the major banks, DealHub offers unrivalled FX market connectivity with a completely neutral business model. DealHub COO, Chris Leaver, commented “it’s important to underline that we are an independent technology provider – we’re not trying to create another FX ECN, we’re just making it fast and cost effective for Banks to distribute pricing to their chosen venues. To underline this neutrality and help customers deal with shifting liquidity in an evolving market, we’ve included commercial flexibility in the service that makes it easy to swap one venue for another, as strategies evolve.”
The FX Distribution Hub is hosted in Equinix’s LD4 (London) and NY4 (New York) datacentres, co-located with many of the FX industry’s leading participants and execution venues, ensuring the lowest possible latency on all pricing. Plans are in place to launch an Asian hub in the coming months. Banks wishing to retain all infrastructure in-house can install a locally deployed and managed version of the Hub.
In its simplest form, the FX Distribution Hub distributes ready-formed prices to multiple venues, returning fills and credit messages as required. However, because the Hub seamlessly integrates with the full stack of DealHub trade-lifecycle solutions, it’s easy to extend the service to cover any aspect of the eCommerce workflow, from credit management and price tiering, to STP and processing blocks and allocations. The technology is compatible with any existing in-house or third party infrastructure, allowing customers to build a bespoke eCommerce solution that offers real differentiation.